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Music Tourism Global Market Size, Revenue, Growth, Industry Insights, Regional Analysis and Forecast Till 2033
Music Tourism Global Market
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According to The Business Research Company's, The music tourism market size has grown strongly in recent years. It will grow from $5.48 billion in 2023 to $5.97 billion in 2024 at a compound annual growth rate (CAGR) of 9%. The growth in the historic period can be attributed to rise of iconic music festivals, the global spread of popular music genres, the establishment of music-themed museums and landmarks, the growth of music recording and production industries, the influence of legendary musicians and bands.
The music tourism market size is expected to see strong growth in the next few years. It will grow to $8.46 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to the integration of virtual reality and augmented reality experiences, the expansion of niche and specialized music festivals, the emergence of sustainable and eco-friendly music tourism practices, the increasing popularity of music-themed cruises and tours, the growth of music streaming platforms. Major trends in the forecast period include demand for personalized music, emphasis on sustainable practices, integration of technology, health and wellness integration, collaboration between music festivals and local tourism boards.
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Market Drivers and Trends:
The rise in national and international music events is expected to propel the growth of the music tourism market going forward. National music events are concerts or festivals held within a single country, while international music events involve performers and attendees from multiple countries, often taking place in various locations around the world. National and international music events are rising due to increased globalization, advancements in digital marketing, and a growing consumer desire for unique and immersive entertainment experiences. Music tourism boosts national and international music events by attracting diverse audiences, increasing economic revenue, and enhancing the cultural exchange and visibility of the host locations. For instance, in June 2023, according to a report published by the American Economic Liberties Project, a US-based non-profit organization, the top venues accounted for nearly 50% of total concert sales in 2022. The top 100 amphitheaters generated $814.0 million from ticket sales, while the top 200 arenas brought in an impressive $4,489.3 million. Therefore, the rise in national and international music events is driving the growth of the music tourism market.
Major companies operating in the music tourism market are developing innovative products, such as night cultural tourism products, to provide unique and memorable experiences. Night cultural tourism involves experiencing and engaging in cultural activities and attractions, such as performances, festivals, and historical site visits, during evening and nighttime hours. For instance, in March 2024, Hanoi Opera House, a Vietnam-based opera house, launched Music Garden. The unique feature of this tourism product is the Hanoi Opera House's Music Garden, an outdoor space where cultural and musical events are held in collaboration with various embassies to introduce international music to the Vietnamese people. It offers shows featuring traditional musical instruments and classical music from 9 am to 12 pm and 1 pm to 6 pm, while classical music concerts and performances by domestic and international singers are available from 7:30 pm to 10 pm.
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Major Key Players of the Market:
Anschutz Entertainment Group, Live Nation Entertainment Inc., Ticketmaster Entertainment LLC, Pollstar LLC, Vivid Seats LLC, VenuWorks Inc., StubHub Inc., Eventbrite Inc., SeatGeek Inc., Front Gate Tickets LLC, Glastonbury Festivals Ltd., Songkick.com Inc., The Air Group (TAG) Ltd., Only Much Louder Entertainment Pvt. Ltd., Festicket Ltd., C3 Presents LLC, AEG Presents LLC, Bandsintown LLC, ID&T Belgium BVBA, Percept Limited, Festival Ticketing Ltd., ACFEA Tour Consultants Inc., Global Spectrum L.P., SFX Entertainment Inc., Gigantic Tickets Ltd.
Music Tourism Market 2024 Key Insights:
• The music tourism market size is expected to see strong growth in the next few years. It will grow to $8.46 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%.
• Impact Of National And International Music Events On The Growth Of The Music Tourism Market
• Innovative Night Cultural Tourism Products Enhance Music Tourism Market
• North America was the largest region in the music tourism market in 2023
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